I recently gave a talk at the Melbourne Entrepreneurs Club. It was full of current and aspiring entrepreneurs – so I thought I’d lay out the top 10 things I think matter if we want to lead an independent life. Read here, one where you determine your own destiny, are not reliant on a corporation to feed you, and you have enough money (that little reality checker we have in our modern market place) to serve yourself and your family. It was just 10 ideas I wrote down on a piece of paper. I didn’t write an actual speech or have any slides. I just spoke from my heart after I wrote these 10 things down. Some of the ideas I had around the 10 things I thought had value, so I wanted to share them here, but also write down the thoughts so I didn’t lose them in the ether. Here they are:
1. The word Employee: If you’ve ever wondered why you don’t like how it feels to be an employee, it’s because you were never meant to be one. In fact, employees have only existed for a tiny portion of human existence – around 0.1%. If we look at this graph, you’ll see the word was hardly even used before the Industrial era. It’s totally normal to not want to be one.
2. Boss vs the Market: In a corporation our fortune is determined by our boss. If there is a mismatch, it makes it very hard to progress. There is nothing more frustrating than having a career thwarted by a manager who isn’t supporting us regardless of the quality of our work. In fact, the entire problem is that a sample size of 1 is not very robust. It’s a far better bet to place our skills on the market – to put what we do in the hands of many and let the true value of our work be judged by quantitative sample rather than a single opinion.
3. The Consumption Cycle: Often when we get trapped inside the corporate enclave, a sense of dissatisfaction occurs. I personally believe that we seek refuge through consumption. We buy things to justify the time, effort and pain being directed by others. We enter a consumption cycle to assuage the emptiness of working openly for the pay.
4. Savings and greatness: 20th century industrialist W. Clement Stone said that if we cannot learn to save, then the seeds of greatness are not inside us. It is the ultimate test of patience and delaying gratification. But more than that it opens up the door of possibility. I’ll go one step further and give you my ultimate savings hack. If you can save 50% of your income, you only ever need to work 1 year in every 2. It really is that simple. And during that ‘off year’ who knows what we might become.
5. You’re already an entrepreneur: It doesn’t matter whether we work for ourselves, our startup or a fortune 500. You are the CEO of your own personal services corporation. If you’re an employee, then you are simply an entrepreneur with one really important and big customer. Once we make this mind flip, we do better work and realise we need to invest in ourselves and deliver for others. That’s the start of more independent living.
6. Side Project Power: Side projects often become the front projects. How we experiment with our time invents new unforeseeable and unexpected revenue streams. I now make a living doing things I used to do after work. So the real question is what are you doing from 9pm-12am? If you’re watching TV, then you’re missing the greatest informal education opportunity humanity has ever had. Right now the market pays a premium for informal knowledge because quite frankly formal education is way behind.
7. The Woodchips: Often the wood chips have more value than the table. But we only ever find this out if we endure and make the table. The side effects of what we do has value, but we need to presence of mind to look behind us and see what we have left behind. This blog was a bunch of woodchips from when I left the corporate world 10 years ago. It was the seeds for my new book. You have wood chips. We all do, locate them and see what they may become.
8. Freelance Friction Removal: I’m starting to believe that anything we can get paid for as an employee, we can do as a freelancer. The recent revolution in freelancing websites has taught us we can find people to do for us what we can’t afford to pay for 5 days a week. Maybe we can pay them 2 days pay for 1 days effort, and result in 3 days output? The freelance friction is being removed and once the tasks are taken from the corporate HQ the time wastage also gets removed. The best advice I can give anyone trying to escape their cubicle for the first time is to start as a freelancer. From accounts payable, to marketing director – we can all do it now.
9. A Tools Revolution: We all now have the same super powers that were once the domain of the worlds most powerful corporations. We can connect with anyone, we can access a factory without owning it, the worlds information is available and free on line, we can do e-commerce with zero cost set up, we can advertise to a specific audience with zero wastage. It’s never been easier to start a business at low cost with the gift of free tools. Go.
10. The DNA of Australians: If you’re reading this in Australia (where I live) then entrepreneurship is in your DNA. The fact that you are here, means your forefathers crossed oceans in search of a better life. They probably came with nothing but their wit. We all have entrepreneurship running deeply through our veins. Best we make those who came before us proud.